Price linkage between Chinese and international nonferrous metals commodity markets based on VAR-DCC-GARCH models

Using VAR-DCC-GARCH model,the literature on commodity price was extended by exploring the co-movement between Chinese nonferrous metal prices and global nonferrous metal prices represented by the nonferrous metal prices from London Metal Exchange(LME).The results show that LME nonferrous metals prices still have a greater impact on Chinese nonferrous metals prices.However,the impact of Chinese nonferrous metals prices on LME nonferrous metals prices is still weak except for lead price.The co-movement of nonferrous metal prices between LME and China presents hysteretic nature,and it lasts for 7-8trading days.Furthermore,the co-movement between LME nonferrous metals prices and Chinese nonferrous metals prices has the characteristics of time-varying,and the correlation of lead prices between LME and China is the more stable than all other nonferrous metals prices.

Measuring technical efficiency of Chinese nonferrous metals enterprises on a background of industry consolidation

Since 2009, Chinese nonferrous metals industry has been carried out industry consolidation with strong support by the central government. This work examined technical efficiency of Chinese nonferrous metals firms and its change during the period of 2007 and 2011. Based on financial data from nonferrous metals listed companies, technical efficiency of nonferrous metal minerals mining firms and nonferrous metal smelting, pressing and processing firms was estimated respectively using the data envelopment analysis （DEA） method. It was found that, in both sectors, number of pure technical and scale inefficient firms dominated over efficient ones. Overall, their technical and scale efficiency tended to be very low after 2009. In particular, efficiency scores of nonferrous metal smelting, pressing and processing firms fluctuated greatly during the research period. And a limited number of large leading firms were able to maintain 100% efficiency score in the industry, while efficiency of most of other leading firms has declined since 2009.

Application of ionic liquids in hydrometallurgy of nonferrous metals

Ionic liquids as green solvents have shown important application in the extraction and separation of nonferrous metals.The new application perspective,the important fundamental and the applied studies of the extraction and separation of nonferrous metals in ionic liquids,including the dissolution and corrosion of metal and metal oxide,hydrometallurgy of chalcopyrite and metallic oxidized ore,and extraction and separation of metal ions,are introduced.

Volatility forecasting in Chinese nonferrous metals futures market

This paper seeks to model and forecast the Chinese nonferrous metals futures market volatility and allows new insights into the time-varying volatility of realized volatility and leverage effects using high-frequency data.The LHAR-CJ model is extended and the empirical research on copper and aluminum futures in Shanghai Futures Exchange suggests the dynamic dependencies and time-varying volatility of realized volatility,which are captured by long memory HAR-GARCH model.Besides,the findings also show the significant weekly leverage effects in Chinese nonferrous metals futures market volatility.Finally,in-sample and out-of-sample forecasts are investigated,and the results show that the LHAR-CJ-G model,considering time-varyingvolatility of realized volatility and leverage effects,effectively improves the explanatory power as well as out-of sample predictive performance.

Synthesis and properties of nanocrystalline nonferrous metals prepared by flow-levitation-molding method

Nanocrystalline nonferrous metals (Cu, Al, and Ag) were synthesized by flow-levitation-molding method. The microstructure of the as-prepared nanocrystalline metals was characterized by XRD and FESEM. The microhardness and electrical resistivity were tested by the HMV-2 type Microhardness Tester and 6157 type Electrometer, respectively. The synthesis process was also studied. The results show that the spheriform particles in nanocrystalline metals have average grain size of 20-30 nm. The relative density of nanocrystalline Cu, Al, and Ag are 95.1%, 98.1% and 98.3%, respectively. The microhardness of nanocrystalline Cu, Al and Ag are 2.01, 2.11 and 1.26 GPa respectively, which are larger than those of their coarse-grained counterparts by the factor of 4.5, 14, and 2.5, respectively. The electrical resistivity of nanocrystalline Cu at room temperature is 1.5×10-7 Ω·m, which is higher than coarse-grained Cu by a factor of 7.5. The pressure is the predominant factor influencing the density of the as-prepared nanocrystalline nonferrous metals.

FACTOR ANALYSIS ON IMPROVING THE PRODUCTIVITY OF THE NONFERROUS METALS INDUSTRY (1)

The productivity of China’s nonferrous metals industry during 1980-1990 has been analysed. The important factors which constrain the productivity of the nonferrous metals industry have been studied, the methods of improving the productivity of the nonferrous metals industry have been discussed.

NONFERROUS METALS AND PLAIN BEARINGS

The definition of a plain bearing is given.The requirements for bearing materials are pro-posed.The historical perspective and recent development of the bearing materials are intro-duced,and the performances of current bearing materials are

China Nonferrous Metals Industry is Going forward

In April this year China National Nonferrous Metals Industries Corporation(CNNMIC)performed the Tenth Anniversary Ceremony.In the past decade the CNNMIC realized“fivedoublings”,i.e.the output,profits tax,fixed assets,enterprise revenue and personal income

China Nonferrous Metals Scientific and Technical Joint-Development Group (CNJDG)

China Nonferrous Metals Scientific and Technical Joint-Development Group(CNJDG)consists of thirty odd research,design institutions,universities,colleges,plants,mines,enterprisesand consulting companies(see attached list of membership units)CNJDG has a business executive organization—Nonferrous Metals Scientific and TechnicalDevelopment Corporation(NSTDC)to suit client’s convenience.

The Tenth Anniversary of Establishment of China National Nonferrous Metals Industries Corporation(CNNMIC)

On the 3 April 1993,in the Great Hall of the People a ceremony of the tenth anniversarywas held by CNNMIC.The Vice-premier Li Lanqing and old leaders Fang Yi,Wang Heshouet al attended this ceremony.Lu Dong,Yuan Baohua,Gao Yangwen and Chen Jinhua et alministerial representatives are present also.The ambassadors and/or envoys from Romania,

NONFERROUS METALS BECOMES OBJECTS OF WORLD 6 MAJOR LITERATURE SEARCH SYSTEMS

Press & Publishing Journal (PPJ),March 6,1991:Upon PPJ edit-orial office's request,Institute of Scientific and Technological lnfor-mation of China (ISTTC) made a survey on the situation that how manytheses from China scientific and technological journals have been sele-cted by the 6 most important search systems (Science Literature Index,

Bright Prospects——for the Cooperative Development of China's Nonferrous Metals

The strategic focal point of China’s economic development is to shift towards the western area. Efforts will be made to give impetus to economic development in the western region by strengthening the exploitation and utilization of mineral resources. Therefore, the exploration and exploitation of mineral resources in the western area has become a focus of investment. The China Nonferrous Metal Industry Corporation bears an

Applications of nonferrous metal price volatility to prediction of China's stock market

The aim of the present work is to examine whether the price volatility of nonferrous metal futures can be used to predict the aggregate stock market returns in China. During a sample period from January of 2004 to December of 2011, empirical results show that the price volatility of basic nonferrous metals is a good predictor of value-weighted stock portfolio at various horizons in both in-sample and out-of-sample regressions. The predictive power of metal copper volatility is greater than that of aluminum. The results are robust to alternative measurements of variables and econometric approaches. After controlling several well-known macro pricing variables, the predictive power of copper volatility declines but remains statistically significant. Since the predictability exists only during our sample period, we conjecture that the stock market predictability by metal price volatility is partly driven by commodity financialization.

Structural changes and volatility correlation in nonferrous metal market

The GARCH and DCC-GARCH models are used to study the volatility aggregation and dynamic relevance of China’s three kinds of nonferrous metals （copper, aluminum and zinc） pricesincorporating structural changes. The results show that copper, aluminum and zinc returns have many structure breaks points, and nonferrous metals have the greatvolatilityrisk during financial crisis. From the resultsof GARCH with and without structural changes,it isfoundthat the volatility clustering of single nonferrous metal is overvalued when ignoring the structural mutation, and the return of aluminum isthe most overvalued, indicating that aluminum market is more susceptible to external shock.Furthermore,it is also foundthatdynamic volatility correlation exists in the three prices of nonferrous metals, and the structural changes have no significant effect on the volatility correlation of thethree nonferrous metals.

Effects of low melting point metals(Ga,In,Sn) on hydrolysis properties of aluminum alloys

Low melting point metals（Ga, In, Sn） as alloy elements were used to prepare Al-In-Sn and Al-Ga-In-Sn alloys through mechanical ball milling method. The effects of mass ratio of In to Sn and Ga content on the hydrolysis properties of aluminum alloys were investigated. X-ray diffraction（XRD） and scanning electron microscopy（SEM） with energy disperse spectroscopy（EDS） were used to analyze the compositions and morphologies of the obtained Al alloys. The results show that the phase compositions of Al-In-Sn ternary alloys are Al and two intermetallic compounds, In3 Sn and In Sn4. All Al-In-Sn ternary alloys exhibit poor hydrolysis activity at room temperature. Al-In-Sn alloy with the mass ratio of In to Sn equaling 1：4 has the highest hydrogen yield. After Ga is introduced to the ternary alloys, the hydrolysis activity of aluminum alloys at room temperature is greatly improved. It is speculated that the addition of Ga element promotes the formation of defects inside the Al alloys and Ga-In3Sn-In Sn4 eutectic alloys on the alloys surface. Al atoms can be dissolved in this eutectic phase and become the active spots during the hydrolysis process. The small size and uniform distribution of this eutectic phase may be responsible for the enhancement of hydrolysis activity.

Metallogenic Epoch of Nonferrous Metallic and Silver Deposits in the Jiaodong Peninsula, China and its Geological Significance

As China＇s most important gold-producing district, the Jiaodong Peninsula also contains copper, lead-zinc, molybdenum （tungsten）, and other nonferrous metal ore deposits, but the space-time and genetic relationships with gold deposits remain uncertain. To investigate the temporal relationship between these nonferrous metal and gold ore deposits, We collected the samples from a number of nonferrous metallic and silver deposits and metallogenetic rock bodies in the eastern Jiaodong Peninsula for isotopic dating. The results show that the Re-Os isotopic model ages of the Lengjia molybdenum deposit in Rongcheng range from 114.5 ± 1.8 Ma to 112.6 ± 1.5 Ma, with an average age of 113.6 ± 1.6 Ma; the LA-ICP-MS ^206pb/^238U ages of 33 zircons in the sericitization porphyritic monzogranite that hosts the Tongjiazhuang silver deposit in Rongcheng range between 122 Ma and 109 Ma, with a weighted mean age of 116.04 ± 0.95 Ma; the LA-ICP-MS ^206pb/^238U ages of 31 zircons in the copper metallogenic pyroxene monzodiorite that hosts the Kuangbei copper deposit in Rongcheng range from 126 Ma to 106 Ma, with a weighted mean age of 116.6 ± 1.7 Ma; and the LA-ICP-MS ^206pb/^238U ages of 19 zircons in the pyroxene monzodiorite surrounding the Dadengge gold and multimetal deposit in Weihai range from 113 Ma to 110 Ma, with a weighted mean age of 111.7 ± 0.6 Ma. All these results indicate that the metallogenic ages of the silver and nonferrous metallic deposits in the Jiaodong Peninsula are in a limited range from 118 Ma to 111 Ma. Previous studies have demonstrated that the isotopic ages of gold deposits in the Jiaodong Peninsula range from 123 Ma to 110 Ma, while Weideshanian magmatism occurred between 126 Ma to 108 Ma. Both these ranges are grossly consistent with the metallogenic ages of silver and nonferrous metallic deposits in this study, suggesting that the large-scale mineralization occurred in the Early Cretaceous when magmatic activities were strong. This epoch may be linked to the lithosphere thinning and the thermo-upwelling extension in eastern China at that time. In addition, field investigation also shows that gold and nonferrous metallic deposits are distributed nearby the Weideshanian granite, with the nonferrous metallic deposits lying within or surrounding the granite pluton and the gold deposits outside the granite pluton. We propose the following mineralization scenario： In the Early Cretaceous, an intensive lithospheric extension induced partial melting and degassing of the metasomatized lithospheric mantle, which resulted in the formation of mantle-derived fluids enriched in metal elements. During the rapid process of magma ascent and intrusion, crust-derived fluids were activated by the magmatic thermal dome and served to further extract ore-forming materials from the crust. These fluids may have mixed with the mantle-derived fluid to form a crust-mantle mixing-type ore-forming fluid. The high-temperature conditions in the center or in contact with the granitic magmatic thermal dome would have been favorable for the formation of porphyry-type, skarn-type, and hydrothermal-vein-type ores, thus forming a series of Mo（W）, Cu, and Pb-Zn deposits in the mid-eastern Jiaodong Peninsula. In contrast, the medium- to low-temperature conditions in the periphery of the magmatic thermal dome would have favored the deposition of gold （silver） ores under the appropriate physiochemical and structural conditions. The metaliogenic epoch of the molybdenum, copper, and silver deposits, and their spatio-temporal and genetic relations to the gold deposits, as demonstrated in this study, not only provide important insights to the study of regional metallogeny, our understanding of the metallogenesis of the Jiaodong type gold deposit, and the geodynamic background of the large-scale mineralization in the Jiaodong Peninsula, but also have practical value in guiding the mineral exploration.

Effect of grinding with sulfur on surface properties and floatability of three nonferrous metal oxides

Co-grinding three nonferrous metal oxides(CuO,PbO and ZnO)with element sulphur under mild conditions and flotation of the ground samples were conducted to investigate the surface properties and floatability of the oxides.Phase transition,morphological features,electrochemical properties and surface chemical compositions of ground samples were studied.The results show that the floatability of CuO is improved after grinding with sulfur,by the formation of surface layer with properties similar to CuS due to the Cu-S bonding.The floatability of PbO is deteriorated after mechanochemical processing due to surface carbonation and the formation of PbS and PbSO4by disproportionation reaction with sulfur.ZnO shows no evident response to mechanochemical sulfidation.

Heavy Metal Assessment among Chinese Nonferrous Metal-exposed Workers from the Jinchang Cohort Study

Environmental exposure to heavy metals has been linked to a wide range of human health hazards. We detected the levels of 15 metals in urine samples from 500 representative sub-samples in an ongoing occupational cohort study （Jinchang Cohort） to directly evaluate metal exposure levels. Fifteen metals, namely As, Ba, Be, Cd, Cs, Cr, Co, Cu, Pb, Mn, Ni, Se, TI, U, and Zn, were detected by inductively coupled plasma quadruple mass spectrometry. The results showed that median creatinine adjustment and geometric mean urinary metal levels were higher in the heavy metal-exposed group, except Se and Zn, than other reported general or occupational populations. Further studies should address the effects of heavy metals on human health.

Simultaneously improving thermal conductivity,mechanical properties and metal fluidity through Cu alloying in Mg-Zn-based alloys

Mg-Zn-based alloys have been widely used in computer,communication,and consumer(3C)products due to excellent thermal conductivity.However,it is still a challenge to balance their mechanical performance and thermal conductivity.Here,we investigate microstructure,mechanical performance,thermal conductivity and metal fluidity of Mg-5Zn(wt.%)alloy after Cu alloying by experimental and simulation methods.First,Mg-5Zn alloy consist ofα-Mg matrix and interdendritic MgZn phases.As the Cu content increases,however,MgZn phases disappear but intragranular Mg_(2)Cu and interdendritic MgZnCu phases appear in Mg-5Zn-Cu alloys.Besides,the grain size ofα-Mg phase is refined and the volume fraction of MgZnCu phase increases as the Cu content increases.Second,Cu addition is found to improve thermal conductivity of Mg-5Zn alloy remarkably.Especially,Mg-5Zn-4Cu alloy exhibits the best thermal conductivity of 124 W/(m·K),which is mainly due to the significant reduction in both solid solubility of Zn in theα-Mg matrix and lattice distortion ofα-Mg matrix.Moreover,a stable crystal structure of MgZnCu phase also contributes to an increased thermal conductivity based on first principles and molecular dynamics simulations.Third,Cu addition simultaneously enhances strength and ductility of Mg-5Zn alloy.Tensile yield strength and elongation of Mg-5Zn-6Cu alloy reach 117 MPa and 18.0%,respectively,which is a combined result of refinement,solution,second phase,and dislocation strengthening.Finally,combined with a phase field simulation,we found that Cu addition enhances metal fluidity of Mg-5Zn alloy.On the one hand,Cu alloying not only delays dendrite growth but also prolongs solidification time.On the other hand,MgZnCu phase stabilizes the dendrite growth of theα-Mg phases by reducing energy consumption during solidification of liquid metal.This work demonstrates that Cu alloying is an ideal strategy for synergistically improving the thermal conductivity,mechanical performance and metal fluidity of Mg-based alloys.

Research progress in friction stir processing of magnesium alloys and their metal matrix surface composites: Evolution in the 21^(st )century

Rising concerns about climate change drive the demand for lightweight components.Magnesium(Mg)alloys are highly valued for their low weight,making them increasingly important in various industries.Researchers focusing on enhancing the characteristics of Mg alloys and developing their Metal Matrix Composites(MMCs)have gained significant attention worldwide over the past decade,driven by the global shift towards lightweight materials.Friction Stir Processing(FSP)has emerged as a promising technique to enhance the properties of Mg alloys and produce Mg-MMCs.Initially,FSP adapted to refine grain size from the micro to the nano level and accelerated the development of MMCs due to its solid-state nature and the synergistic effects of microstructure refinement and reinforcement,improving strength,hardness,ductility,wear resistance,corrosion resistance,and fatigue strength.However,producing defect-free and sound FSPed Mg and Mg-MMCs requires addressing several variables and their interdependencies,which opens up a broad range of practical applications.Despite existing reviews on individual FSP of Mg,its alloys,and MMCs,an attempt has been made to analyze the latest research on these three aspects collectively to enhance the understanding,application,and effectiveness of FSP for Mg and its derivatives.This review article discusses the literature,classifies the importance of Mg alloys,provides a historical background,and explores developments and potential applications of FSPed Mg alloys.It focuses on novel fabrication methods,reinforcement strategies,machine and tool design parameters,material characterization,and integration with other methods for enhanced properties.The influence of process parameters and the emergence of defects are examined,along with specific applications in mono and hybrid composites and their microstructure evolution.The study identifies promising reinforcement materials and highlights research gaps in FSP for Mg alloys and MMCs production.It concludes with significant recommendations for further exploration,reflecting ongoing advancements in this field.